Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Mixed-Use Building In Coney Island

02/21/2013

A mixed-use building at 2315 Mermaid Avenue, located between West 23rd and West 24th Streets in Brooklyn’s Coney Island neighborhood, was sold in an all-cash transaction valued at $335,000.

The three-story building contains approximately 3,246 square feet and sits on a 19.67’ x 100’ lot.  It consists of a ground floor commercial unit, most recently used as a doctor’s office, and two floors of residential space.  The building was delivered vacant.  The site contains approximately 4,780 buildable square feet, and the sale price equates to approximately $70 per buildable square foot.

The building is in close proximity to the newly rezoned and revitalized Coney Island Amusement Area where New York City and private firms have invested nearly $500,000,000.  Nearby transportation includes numerous bus lines as well as the D, F, N, and Q subway lines at Stillwell Avenue.

“The building was flooded by Hurricane Sandy midway through the listing process. However, because our marketing had procured several interested parties we were still able to move to contract,” said Massey Knakal Director of Sales Brian R. Hanson, who exclusively handled this transaction.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

02/20/2013 - 17:16

Source

Cushman & Wakefield Capital Markets Group New York

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